West Bengal Students’ Credit Card For studies: The West Bengal Student Credit Card Scheme enables students residing in West Bengal to avail an education loan of up to ₹10 lakhs at a nominal interest rate of 4% per annum, with no collateral required. The students will be given a 1 percent waiver if they pay the loan on time. The admission receipt is to be uploaded while applying. Let us understand with an example if a student is studying in class 12 and he has a plan to study engineering or management courses, he/she cannot apply for the course.
West Bengal Students’ Credit Card For Studies: Key Details
- Eligibility: Indian citizens who have resided in West Bengal for at least 10 years, aged up to 40 years at the time of application. Applicable for students pursuing secondary, higher secondary, undergraduate, postgraduate, professional, technical, and vocational studies, including those preparing for competitive exams, within India or abroad.
- Maximum Loan Amount: ₹10,00,000 (Ten lakhs).
- Interest Rate: Simple interest at 4% per annum. If the interest is fully serviced (paid) during the study period, an additional concession of 1% applies.
- Repayment Period: Up to 15 years, including moratorium period/repayment holiday.
- Collateral/Security: No collateral/security needed besides co-obligation of parent/legal guardian. Life cover is required; premiums are debited from the loan account.
- Use of Funds:
- Institutional expenses: Tuition fees, exam fees, library fees, caution deposits, etc., paid directly to the institution.
- Non-institutional expenses: Living costs, rent, books, devices (laptop, tablet), project/thesis expenses, etc., paid to the student’s bank account.
- Application Process:
- Apply online at the official portal: https://wbscc.wb.gov.in.
- Register, submit required details and documents (such as colour photo, Aadhar/PAN, address proof, educational documents, Class 10 registration number).
- Verification by the institution and sanction by the relevant department and bank.
Additional Notes
- No percentage marks criteria for the application.
- Students may apply at any time during the course duration, including the final year.
- A loan is available for studies both within India and abroad, including coaching for competitive exams.
A Few Important Points
Subject-wise courses like MSc Physics, etc., are not available in the dropdown list in most cases, and are not required also as per the scheme. It will not hamper the loan sanctioning process. Only broad courses like MA, MSc, BA, BSc, etc, are to be selected as per the following examples
How to Apply for West Bengal Students’ Credit Card?
Visit www.wb.gov.in or https://banglaruchchashiksha.wb.gov.in and click the STUDENT CREDIT CARD tab, or log in to https://wbscc.wb.gov.in. Click on the REGISTRATION OF STUDENT form option, fill up the registration of student form, and then click on the Register button to generate a user ID and password.
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